Blackstone Mortgage Trust Inc. (BXMT) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Blackstone Mortgage Trust Inc. (NYSE:BXMT) from a hold rating to a buy rating in a research report released on Monday. The brokerage currently has $32.00 price objective on the real estate investment trust’s stock.
According to Zacks, “Blackstone Mortgage Trust, Inc. is a real estate investment trust. It operates as a real estate finance and investment management company. The company’s investment programs focuses on loans and securities backed by commercial real estate assets. Blackstone Mortgage Trust, Inc. formerly known as Capital Trust, Inc.is headquartered in New York. “
Several other research analysts have also weighed in on BXMT. FBR & Co lifted their target price on Blackstone Mortgage Trust from $29.00 to $32.00 and gave the stock an outperform rating in a report on Wednesday, July 27th. Deutsche Bank AG reiterated a buy rating and set a $33.00 target price on shares of Blackstone Mortgage Trust in a report on Thursday, July 28th. Finally, Keefe, Bruyette & Woods lifted their target price on Blackstone Mortgage Trust from $29.00 to $31.00 and gave the stock a market perform rating in a report on Thursday, July 28th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Blackstone Mortgage Trust has an average rating of Buy and a consensus price target of $30.67.
Shares of Blackstone Mortgage Trust (NYSE:BXMT) traded up 0.35% on Monday, hitting $28.85. The stock had a trading volume of 18,190 shares. The stock has a market capitalization of $2.71 billion, a PE ratio of 10.73 and a beta of 1.03. Blackstone Mortgage Trust has a one year low of $22.13 and a one year high of $30.46. The firm’s 50 day moving average is $29.29 and its 200-day moving average is $28.30.
Blackstone Mortgage Trust (NYSE:BXMT) last posted its earnings results on Tuesday, July 26th. The real estate investment trust reported $0.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.02. The firm had revenue of $81.40 million for the quarter, compared to analyst estimates of $78.34 million. Blackstone Mortgage Trust had a return on equity of 9.44% and a net margin of 59.73%. The company’s revenue for the quarter was up 63.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 earnings per share. Equities research analysts expect that Blackstone Mortgage Trust will post $2.61 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were issued a $0.62 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 8.63%. Blackstone Mortgage Trust’s dividend payout ratio (DPR) is 91.85%.
Several hedge funds have recently added to or reduced their stakes in BXMT. Advisory Services Network LLC increased its stake in Blackstone Mortgage Trust by 17.1% in the third quarter. Advisory Services Network LLC now owns 10,442 shares of the real estate investment trust’s stock worth $308,000 after buying an additional 1,526 shares in the last quarter. CAPROCK Group Inc. increased its stake in Blackstone Mortgage Trust by 3.4% in the second quarter. CAPROCK Group Inc. now owns 60,621 shares of the real estate investment trust’s stock worth $1,677,000 after buying an additional 1,990 shares in the last quarter. Royal Bank of Canada increased its stake in Blackstone Mortgage Trust by 12.1% in the second quarter. Royal Bank of Canada now owns 1,586,479 shares of the real estate investment trust’s stock worth $43,898,000 after buying an additional 171,861 shares in the last quarter. IFP Advisors Inc increased its stake in Blackstone Mortgage Trust by 188.1% in the second quarter. IFP Advisors Inc now owns 6,532 shares of the real estate investment trust’s stock worth $181,000 after buying an additional 4,265 shares in the last quarter. Finally, Lebenthal Holdings LLC bought a new stake in Blackstone Mortgage Trust during the second quarter worth about $318,000. 74.64% of the stock is currently owned by institutional investors and hedge funds.
Blackstone Mortgage Trust Company Profile
Blackstone Mortgage Trust, Inc is a holding company, which conducts its operations as a real estate investment trust. The Company is a real estate finance company that originates and purchases senior loans collateralized by properties in North America and Europe. Its business is focused on originating or acquiring senior, floating rate mortgage loans that are secured by a first priority mortgage on commercial real estate assets primarily in the office, lodging, residential, retail, industrial and healthcare sectors in North America and Europe.
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